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NEL buys 70% of Med Link Lines Greek firm Lesvos Maritime Company (NEL) has finalised its acquisition of a 70% stake in Med Link Lines, at a cost of 4.5 billion drachmas. Med Link Lines' headquarters will be transferred to Mytilini (Lesvos) while the board of directors will comprise seven members representing both companies. Med Link Lines recorded 5.5 billion drachmas in turnover for January-November 2000 while profits reached 606 million drachmas. The firm operates the 'Maria G' (built 1976), the 'Afrodite 2' (1968) and the 'Agios Andreas' (1970), which have all been renovated and service the Patras-Igoumenitsa-Brindisi and Bridisi-Tsesme routes.
Shareholders in the Lesvos Maritime Company (NEL) are set to decide on a planned share capital increase of 23 billion drachmas at their June 25 general meeting along with a number of other issues. NEL hopes to fund the buyout of Med Link Lines as well as the upgrade of its fleet through the share capital increase. The company will also discuss its intentions to purchase a stake in other firms. NEL has a fleet of six vessels which service the northeastern Aegean and the Cyclades. It recently took delivery of the mono-hull highspeed ferry Eolos Express, which can carry 1,000 passengers and 210 passenger vehicles, and is due to receive another two similar vessels which will operate in the Cyclades, the northern Aegean and the Sporades. Total turnover for 1999 was 10.13 billion drachmas, up from 9.05 billion drachmas in 1998.
ANEK acquires 20% in NEL passenger shipper Shareholders of NEL Lines on Sunday approved a plan to sell a 20 percent stake to ANEK Lines at a repeat meeting held on Lesvos, where the company is based. ANEK Lines' managing director, Stelios Zambetakis, now has a seat on NEL's board. Crete-based ANEK said that its strategic investment in NEL would contribute to improving passenger shipping in Greece and aid the two companies' growth.
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NEL
Just took delivery of the Aeolos Express about a month ago and it seems that
they are experiencing some problem in berthing. On top of that, they already
have had problem with the engine room. The welding quality seems to be very
poor, (Amperage?). Comfort on board is not so nice... Surprising from the part
of Alstom Leroux. (I guess that Gaudin is behind this ugly design)